Employee Retention in Pharma Companies - PowerPoint by wtn86666


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									The Talent Challenge

Bernadette Kenny
SVP Human Resources
Chief Career Officer
March 4, 2008
Why we know people

•   The world’s largest workforce solutions provider
     – we know companies, employees and organizational challenges

•   We’ve consulted with organizations on all aspects of their human capital
    management strategies
     – recruitment, outplacement, training and development

•   We enjoy seeing companies and their employees achieve success!
Integrated suite of workforce solutions

•   Professional staffing
•   Talent management solutions
•   Workforce consulting
•   Managed services programs
•   Large-scale staffing solutions
•   Recruitment process outsourcing
•   Vendor management
Trends in human resources*

•   Change
    Demographics, cultural and political change require new skill sets and leadership agility

•   Scarcity
    Key characteristic for today and tomorrow’s talent market as age, immigration, and
    educational system misalignments produce shortages

•   Place
    Lifestyle and ―place‖ expectations gaining momentum. Global firms recruit and retain
    under local conditions

•   Relationships
    Integrating the three active workplace generations require new workplace organizations
    and systems to support different and emerging communities

    *These trends were identified in a recent executive dialogue with senior HR leaders from Xerox, Pitney Bowes,
     The Thompson Corporation, Purdue Pharma, Gen Re, Arch Chemicals, Gartner, Korn/Ferry, Towers Perrin
Human capital management challenges
organizations face

                   Description                               Implications
                   • Need for productive and flexible        • Outsourcing of non core functions
                     workforce management                    • Focus on strategic mgmt. of Human
                   • New value proposition as change           Capital/ business partner for mgmt.
                     managers                                • Ongoing restructuring work
  HR departments   • Need to become business partner         • Continuing commoditization of services
                   • Heightened tension and focus on cost      and becoming vendor managers
                     reduction and quantifying value
                   • Continuous restructuring                •   Cross-border relocation/off-shoring
                   • Talent management (recruiting,          •   Outsourcing of non-strategic processes
                     development and retention)              •   Mgmt. of diversity in workforce
                   • War for talent                          •   Demand for bench strength sooner
                   • Increasing ethnic diversity, share of   •   Successful workforce management
                     women and aging of working population       becomes a market differentiation
     c pressure
What employees want…..what can you impact?

•   85%   health insurance
•   83%   job security
•   82%   clear policies and procedures
•   76%   retirement/pension plans
•   71%   flexible, family-friendly workplace
•   69%   quick decisions on work issues
•   68%   working with talented managers
•   66%   creative work, intellectual stimulation
•   66%   potential for promotion
•   65%   pay

Poll by Center for State and Local Government Excellence, polling 1,200 adults, published
in HR Executive, February 2008
New Ways of Thinking

                  The Old Way                              The New Way

Talent Mindset    HR is responsible for people             All managers – starting with the CEO – are
                  management.                              accountable for strengthening their talent

Employee Value    We provide good pay and benefits.        We shape our company, even our strategy,
Proposition                                                to appeal to talented people.

Recruiting        Recruiting is like purchasing.           Recruiting is like marketing.

Growing Leaders   We think development happens in          We fuel development through stretch jobs,
                  training programs.                       coaching, and mentoring.

Differentiation   We treat everyone the same, and like     We affirm all our people, but invest
                  to think that everyone is equally        differentially in our A, B, and C players.

                                                         McKinsey & Company: The War for Talent
                                                         Harvard Business School Press, 2001
                                                         Ed Michaels, Helen Handfield-Jones & Beth Axelrod
General guidelines

           Separate what you can control
            from what you cannot control
Hiring great employees
Tips and strategies for today’s competitive job market
―Only a handful of companies understand that all successful

Business operations come down to 3 basic principles:

people             product             profit
Without top people, you cannot do much with the other two.”

Malcolm Forbes

Understand your needs - really

Develop a comprehensive needs analysis for the open position:

• List the 5 major responsibilities of the job

• Detail critical skills for each responsibility

• Review your performance requirements

• Determine educational background necessary for the job

• Decide what depth of experience you need

• List other key traits you feel are necessary for the job (i.e., personality)

• Explore and understand the conflicts to a successful hire
  (i.e., turnover in the department, or management issues)

Always be recruiting

Even if you don’t currently have an open position to fill.

Locating top talent once the need arises will be much easier!

Sources include:
  Recruiting from within
• Company web site
• Employee referrals
• Passive candidate recruiting
• Classified, Radio/TV and Internet advertising
• College campuses, professional associations and community groups
• Professional network
• Career Fairs
• Recruiters/staffing agencies
• Auditioning a temporary employee for a full-time position
Should your organization adopt a passive candidate strategy?

It is time and cost intensive, but does pay off over the long term…
• The Inquisitive Passive—Not actively looking for a new role, but may display occasional
  interest (e.g., looking at company career Web sites when visiting Web sites for other reasons,
  or asking about what it is like to work at a company when engaging in social conversation).
• The Attainable Passive—Does not engage in job seeking behavior, but would be open to
  speaking with a recruiter
• The Loyal Passive—May be open to speaking with known contact; unlikely to consider new
  position unless it offered significant advantages over current position
• The Unattainable Passive—High performing and excellent fit at current organization;
  organization most likely has retention plan in place; highly unlikely to entertain even a
  conversation about other opportunities

  Corporate Leadership Council – Creating a Passive Recruitment Strategy, February, 2006
Recent/innovative recruitment trends

• Use Social Media: Consumer product and entertainment companies have caught on,
  and now so is the HR profession. Social media sites like MySpace and Facebook house
  millions of people, thus millions of potential employees. New capabilities include
  customized placement of job ads – i.e. Verizon recently customized their job ads with
  Facebook to only pop up on the pages of college seniors and also added a ―Work with
  Me‖ link to their employee’s personal pages, which led users to their career site.

• Seek Out Talent: Waiting for candidates to come to you isn’t going to cut it anymore.
  More and more, job seekers are creating their own online resumes, which can be
  viewed by the mass public, and are being sought after directly by employers. One such
  site, LinkedIn, allows users to illustrate their professional background and enables
  recruiters and employers to easily reach out and network with potential employees.
Recent/innovative recruitment trends

• Join Their Community: Looking for a comeback mom or recently retired worker?
  There are hundreds of blogs and online communities that are directly geared towards
  these audiences. Recruiters can engage directly with these individuals by becoming an
  active participant in these groups and monitoring the dialogues that take place in order
  to best approach and tailor new job opportunities.

• Marketing Your Company: More and more, companies are moving beyond traditional
  advertising efforts to market themselves to potential clients and employees. Maintaining
  blogs, creating podcasts and offering web videos are now highly effective ways for
  employers to reach job seekers. Moving a step further, Google recently hosted an open
  house inviting job seekers over for lunch so they could meet their staff and experience
  their culture first hand.

• Be Kind To Recruiters: With the average American switching jobs every 2-3 years and
  working at 8-10 companies throughout their career, oftentimes, job seekers build long
  lasting relationships with their recruiters who have placed them time and time again.
  These individuals have consistently delivered for them, and job seekers will learn to trust
  their counsel and insight, so employers should do the same!
Web trends were distinctive in 2007, with many ground breaking
developments truly characterizing the evolution to ‘Web 2.0’

General trends
• Social networking, blogging and local information as key traffic boosters for websites
• Rich media as the ultimate tool for impact and engagement
• Emerging mobile content
• Interactive and user-generated content
• Global presence with local customization

• Free WIFI access used as a promoter with outstanding success
  in conversion rates

Trends specific to online job seekers
• Users prefer specialized job boards based on demographics
• 6% decline in Monster’s user base

                                                        Source: Internettrends.org & ClickZ.com
                    Social computing is an efficient and effective vehicle to charge
                    the recruitment drive now

                        Social computing is an integral part of daily routine for professionals, high earners and recent graduates* across
                        the generations


                                                                                                                  • Older users dominate web 1.0
                                                                                                                    destinations and are slow in transitioning
                                                                                                                    to the web 2.0 state destinations
% of site users by age group

                                                                                                                  • Although older users dominate
                                                                                           12 Yrs- 17 Yrs           professional networks gen Y is quickly
                                                                                           18 Yrs - 34 Yrs          catching up
                                                                                           34 Yrs and above

                               20                                                                                 • A mixed theme networking site like
                                                                                                                    Facebook shows a balanced proportion of
                                                                                                                    both age groups implying a good platform
                               10                                                                                   for interaction with the two groups

                                    MYSpace     Facebook     Friendster    LinkedIn

                                          Source: comScore 2007 Media Metrix

                                                                                * Social Computing Moves into Recruitment (Oct 2007) – Forrester Research
 Online presence must expand to niche boards and aggregators

      Traditional channels                    Candidate sourcing channel                    Emerging channels

                       3rd party job boards                                  Online communities
BU web sites
                  Traditional                   aggregators
                                      Niche                   Professional   Social      Virtual          Blogs
 onduct phone interviews

•  ave time and money by screening out unqualified

• Phone skills can be as important as job skills

• Group phone interviews together in a day so you can
  compare candidates objectively

• Ask candidate to send you an e mail summarizing their
  interest and fit – is it well written?

• Utilize a staffing agency to assist with screening and skill

• Ask yourself - if they don’t inspire you on the phone, will they
  be inspirational once employed?
 ontrol the interview – they can do the job, but will they fit in?

• ake detailed notes so you can compare candidates

• Remember the 80/20 rule:
  Listen 80% of the time
  Ask questions 20% of the time

• Keep the candidate on track

• Be consistent with the questions you ask each candidate

• Insist that they hiring manager spend at least two
  hours with Director level and above managers – insures
  better culture fit
 ursue your #1 candidate aggressively

•  elect a candidate that has the right mix
  of experience, skills, personality,
  and work ethic

• Verify references

• Remember, there’s not always
  a ―perfect‖ candidate

• Once you identify your top choice,
  go after them!
Retaining great employees
Tips and strategies to make you the employer of choice
Today’s retention strategies

•   Segment your retention efforts

•   Encourage manager and employee ―retention‖ relationships

•   Create realistic workforce solutions and communicate them
Segment your retention efforts

•   Invest in your A players
    Do you know who they are? What programs, mentoring or development
    is available and rigorously supported?

•   Develop your B players
    They could become A’s, you can’t function without them, they need
    support, motivation and constant praise

•   Improve or remove your C players
    Another 80 – 20 % rule – you spend more time trying to make a C an
    A – move on aggressively
Engagement and retention...what works?

•   Missions that inspire, attract and give meaning to the sacrifices of work
•   Leadership and leaders in the industry and core technologies
•   Work that is challenging, meaningful and provides career opportunities
•   Social responsibility and philanthropy for employees and communities
•   Great managers, who build strong partnerships with their employees,
    supporting their career and life needs

Five Critical Conditions for Employee Engagement
by Caela Farren, Ph.D., MasteryWorks, Inc.
A retention relationship – what does that look like?

•   Functional understanding
    We talk the same language about our jobs and goals

•   Productive
    We work together to mutual goals and hold each other accountable to commitments

•   Meaningful
    Maintain distance with mutual respect

•   Profitable
    You are in this together and will together benefit

•   Transitional
    You understand that this is a moment in time and not forever

•   Transforming
    Goal is to leave each other having learned and benefited, and remember, ‖losing‖
    someone to a promotion or transfer is a good thing
What can you do now about retention?

•   Have a retention discussion
•   Understand the value of the training and other Company X resources that are available
•   Prepare a career development plan
•   Prepare for a management succession process
Elements of a good retention conversation

•   Ask employee why they joined Company X
•   Ask employee why they stay at Company X
•   Tell stories of people who have moved within Company X
•   Educate employees on the value of retention to them personally
•   Teach employees how to coach others to stay
Realistic observations and solutions

•   Knowledge retention and knowledge sharing are key
•   Demographics will grow in importance in recruiting and retaining
•   ―One size fits all‖ policies replaced with new policies
•   Life/work programs will be in demand
•   Managers need to be skilled in communicating with and leading different generations
•   Learning opportunities and career development will have greater importance
•   Team oriented endeavors need to include both young and older leaders

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